Aguia seeks to add potash project

Perth-Australian-based Aguia Resources Ltd. said Jan. 25 that it has entered into a conditional agreement to acquire a potentially large potash project in northeast Brazil. It says the project complements Aguia’s Brazilian phosphate projects, allowing the company to capitalize on the increasing demand for fertilizers in the country. The property, which would be acquired from Potassio do Atlantico Ltda., a private mineral exploration company, is adjacent to Brazil’s only operating potash mine, Vale S.A.’s Taquari-Vassouras underground mine. Aguia said the project is supported by data from 300 petroleum boreholes that reported potash occurrences. The initial land position is 179,000 hectares in the Sergipe-Alagoas basin, close to existing infrastructure, including power, gas, road, and port facilities. Aguia says it has already formed a technical team to commence exploration.